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Mid-Cap Growth ETF (RFG) Hits New 52-Week High

For investors seeking momentum, S&P Midcap 400 Pure Growth Guggenheim (RFG - Free Report) is probably on radar now. The fund just hit a 52-week high and is up nearly 25.7% from its 52-week low price of $116.86/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

Economic readings came out mixed lately. While the U.S. economy saw a 13-year high manufacturing number, it saw a decline in payroll data. Several data released for the month of September carry some impact of hurricanes. Market watchers still believe that the U.S. economy is on a strong footing and may see a Fed rate hike in December.

Whatever the case, investors with slight confusion over the recent plunge in job data may want to look abroad which is flying high. Plus, a rising U.S. bond yield may translate into higher greenback eventually. This will go against large-cap stocks with greater foreign exposure. But through mid-cap ETFs, which carry traits of both small and large caps, investors can mitigate the adverse impact of a rising dollar while tap the surge in the overall global economy alongside.

More Gains Ahead?

The fund currently has a Zacks ETF Rank #3 (Hold). So it is hard to get a handle on its future returns one way or another. However, it seems that this fund might stay strong given a positive weighted alpha of 18.80. As a result, there is still some promise for investors who want to ride on this surging ETF.

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At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +25% per year. These returns cover a period from 1988-2017. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zack Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.

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